Inventory Costing Methods-Periodic Method
Merritt Company uses the periodic inventory system. The followingMay data are for an item in Merritt's inventory:
| May | 1 | Beginning inventory | 164 | units @ | $30 | per unit |
| 12 | Purchased | 140 | units @ | $35 | per unit |
| 16 | Sold | 220 | units @ | | |
| 24 | Purchased | 300 | units @ | $36 | per unit |
Calculate the cost of goods sold for May and ending inventory atMay 31 using (a) first-in, first-out, (b) last-in, first-out, and(c) the weighted-average cost methods.
Do not round until your final answers. Round your final answersto the nearest dollar.
| A. | First-in, First-out: | |
| Ending Inventory | $ |
| | |
| Cost of Goods Sold: | $ |
| | |
| B. | Last-in, first-out: | |
| Ending Inventory | $ |
| | |
| Cost of Goods Sold: | $ |
| | |
| C. | Weighted-average cost: | |
| | |
| Ending Inventory | $ |
| Cost of Goods Sold | $ |
